Lloyd’s votes to end broker protectionism
26 May 2008
Lloyd’s brokers are set to lose their exclusive access to the market following a vote by members in favour of far-reaching Treasury reforms...
International
Greenberg faces civil charges over AIG reinsurance fraud
26 May 2008
Just days after slamming AIG as “in crisis”, the insurer’s former CEO Maurice “Hank” Greenberg faces possible civil charges over a fraudulent reinsurance deal with General Re...
UK insurers lock horns with Government on flood
26 May 2008
In a sign the long-running public-private compact guaranteeing most UK consumers flood cover is starting to unravel, British insurers are at loggerheads with the Government…
China earthquake barely shakes insurers
19 May 2008
The 7.8-magnitude earthquake that devastated China last Monday shows just how far the country’s insurance industry is behind the world’s biggest economies...
Greenberg hits out at AIG
19 May 2008
The man who built AIG into a global insurance power over 38 years, former CEO Maurice “Hank” Greenberg, says the giant company is in the middle of a crisis...
Zurich maintains profit in challenging market
19 May 2008
Zurich Financial Services has delivered a mixed set of first-quarter results, with foreign exchange fluctuations and challenging investment conditions dragging down…
US Senate votes to renew flood cover
19 May 2008
The US Senate approved the renewal of the National Flood Insurance Program in a 92-6 vote last week...
Zimbabwe court gives brokers a break
19 May 2008
Insurance brokers in Zimbabwe are celebrating the fact that the country still has a judicial system which functions – at least when politics doesn’t intrude...
Hurricane risk for US east coast
19 May 2008
The eastern US coastline faces an increased risk of storm activity during an otherwise average Caribbean hurricane season, meteorologists have forecast...
US will move to federal regulation: Fitch
19 May 2008
Federal regulation of the US insurance industry is inevitable but may take time, say industry analysts...
Burma cyclone has no effect on industry
12 May 2008
Despite the death toll in Burma reaching 100,000 and still climbing after the devastating cyclone that hit its shores a week ago, the insurance industry has barely been touched...
US insurers enjoy mixed fortunes
12 May 2008
US insurer Berkshire Hathaway has suffered a dramatic decline in revenue from insurance premiums and investments...
US flood insurance renewal passes key test
12 May 2008
The US National Flood Insurance Program has had a win after Congress agreed to its renewal in a key test vote...
MMC chief acts to stem profit slide
12 May 2008
Marsh & McLennan has suffered a $US210 million ($223 million) first-quarter loss following a massive $US425 million ($452 million) writedown on its struggling risk consulting…
US rates fall 12%
12 May 2008
US property and casualty rates have dropped an average of 12% over the past year, according to analyst MarketScout...
Solid Q1 financials for German reinsurers
12 May 2008
Munich Re has posted first-quarter profits of €785 million ($1.3 billion), demonstrating it is on track to meet a €3 billion ($4.9 billion) profit forecast for the year despite…
…but Swiss Re shares hammered as profit halves
12 May 2008
Global reinsurer Swiss Re has reported a 53% first-quarter drop in net profit to CHF624 million ($628 million) over last year’s corresponding period...
UK regulator: web aggregators could do better
12 May 2008
The UK financial regulator has called on insurance comparison websites to lift their game and ensure their customers have access to accurate policy information...
S&P predicts Solvency II more damaging than subprime
12 May 2008
Solvency II – the European Union’s proposed set of regulatory requirements for insurers – will have a greater effect on European insurers than the credit crunch has...
UK brokers fight commission disclosure
05 May 2008
Mandatory commission disclosure could spell the death knell for small independent UK brokers, the Institute of Insurance Brokers has warned the Financial Services Authority...